Ethereum along with the rest of the market is bleeding today. The fall witnessed today is catching up to the fall witnessed on September 7 when Ethereum dropped by 12.69%. Usually, the price of ETH decides the investors’ profitability and losses, thus when the price goes up it saves them from any losses.
However as it appears, this time ETH investors will be the ones to save Ethereum.
Ethereum goes down
While most of the market is registering a price fall today, Ethereum has been seeing a fall for almost 5 days now. Since September 16, the second-biggest cryptocurrency fell by 18.79% at the time of this report.
Ethereum’s 18.79% drop | Source: TradingView – AMBCrypto
This price fall could have been triggered by the formation of a market top as ETH’s total supply in profit hit 97% on September 15. This was followed by a series of long liquidations in which $243.8 million worth of ETH were liquidated. Including today alone when $192 million was liquidated.
Ethereum liquidations at $243 million | Source: Coinalyze – AMBCrypto
What about investors?
The price fall observed today resulted in investors slowing down and HODLing their ETH further. The biggest support however came from the mid-term holders whose holdings reached a 5-year high of 32.6 million ETH.
Ethereum’s mid-term holders’ supply | Source: Glassnode – AMBCrypto
The interesting thing to notice here was that over 2 million addresses lost their profitability in the last 5 days. Even then their HODLing continues as of today. However, there was some selling seen in the market, coming from short-term traders. These investors barely held the coin for a month.
Ethereum’s HODLers | Source: Glassnode – AMBCrypto
However, as they exit, new investors have been taking their place. This was visible from the non-zero addresses reaching an all-time high of 62 million.
Because of the earlier price fall, Ethereum’s RSI is already in the bearish zone, so the only way for the price from here, will be up hopefully. But ETH’s investors will be a huge help in preventing any major price drop by not dumping their holdings.
Ethereum’s addresses with balance at an ATH | Source: Glassnode – AMBCrypto
